REFILE-Israel's Gazit-Globe swings to Q4 profit

Mon Mar 22, 2010 7:42am EDT

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(Corrects in first paragraph to "Monday" from "Wednesday")

TEL AVIV, March 22 (Reuters) - Israeli real estate investment firm Gazit-Globe Ltd GLOB.TA said on Monday it swung to a fourth-quarter profit, helped by higher rental income and property valuations.

Gazit-Globe, Israel's largest real estate firm, posted fourth-quarter net profit of 811 million shekels ($217 million), or 5.89 shekels per share, compared with a loss of 865 million shekels, or 6.90 shekels a share, a year earlier.

It said rental income rose 18 percent in the quarter to 1.05 billion shekels.

The company bounced back in 2009 after it had large writedowns in 2008 for the decline in fair value of investment properties among its subsidiaries.

Gazit-Globe operates in the United States through Equity One (EQY.N), in which it has a 52 percent stake and through which it acquired a controlling stake in DIM Vastgoed NV, a Dutch investment company that owns 21 shopping centres in the United States.

It operates in Canada through 54 percent-owned First Capital Reality Inc (FCR.TO). It is also the largest shareholder in Finland's Citycon (CTY1S.HE) and last year it took over Atrium European Real Estate ATRV.VI. ($1 = 3.74 shekels) (Reporting by Tova Cohen, Writing by Steven Scheer; Editing by Hans Peters)

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